The Hindu Business Line : Weekly News Round-up

The price of petrol was increased by 5 rupees a litre, diesel by 3 rupees a litre and domestic LPG by 50 rupees a cylinder. The price of kerosene sold under public distribution system, however, remained untouched.

Sterlite Industries Ltd has decided to buy the entire operating assets of the US-based copper mining company Asarco Llc for around Rs 11,000 crore in cash.

Sterlite emerged as the highest bidder in a court-approved auction. before the latter became bankrupt.

In a move to discourage exports in the face of domestic inflationary pressures, the Centre has withdrawn duty drawback benefits on all iron & steel, cement and rice shipments.

Henceforth, exporters of these commodities will not be entitled to any rebate or refund of customs, excise or service tax paid on inputs used for their production.

Domestic air travel has became more expensive following the decision of oil companies to increase the sale price of aviation turbine fuel.

Air India said it would raise the fuel surcharge by 300 rupees for flights less than 750 km and 550 rupees for longer flights immediately after oil companies announced an increase in the price of ATF being uplifted in Delhi and Chennai,

Tata Motors has said that it has completed the acquisition of the Jaguar and Land Rover businesses from Ford Motor Company for a net consideration of 2.3 billion dollars.

It also said that Mr David Smith, the acting Chief Executive Officer of Jaguar and Land Rover, would be the new CEO of the business.

Emami and a string of entities jointly purchased 23.6 per cent stake from one of the promoter groups of Zandu Pharmaceutical Works at 6,900 rupees per share at a total cost of around 130 crore rupees.

The purchase price included 100 rupees each for non-compete fees.

Emami has also announced an open offer for 20 per cent stake in Zandu.

Secondary steel makers have raised prices of their products following the increase in international prices.

Market sources told Business Line that prices of semi finished steel such as ingots and billets have increased in the range of 2,500 rupees to 3,000 rupees a tonne.

Branded TMT bar manufacturer Kamdhenu Ispat has increased prices by 3,400 rupees a tonne and Rathi Ispat by approximately 2,000 rupees a tonne.

Punj Lloyd has acquired a 74 per cent stake in UK firm Technodyne International Ltd for an undisclosed amount.

Technodyne is an engineering, design and consultancy company specialising in large scale cryogenic and high pressure tanks.

Inflation continued to inch up further to 8.24 per cent for the week ending May 24, as against the previous week's annual rise of 8.10 per cent, spurred by increasing prices of primary articles including cereals, spices, milk and fruits, besides manufactured items such as iron and steel and edible oils.

The impact of the diesel, LPG and petrol price hike is slated to figure two weeks from now, when the data for the week ending June 7 would be released.

The Centre's direct tax collections grew 36.6 per cent in 2007-08 to 3,14,468 crore rupees as compared with net collections of 2,30,184 crore rupees in the previous year.

Corporate tax grew by 32.1 per cent and personal income tax collections increased by 42.1 per cent.

Compiled by M.J. Madhavan

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